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A Father & Son Show How It’s Done
 By
Henry D. Landes
November 2001
My first contact with Tripp Davis was in October 1998. He sent
me an e-mail saying he wanted to explore succession issues. At that
point his father, Louis D. Davis Jr., had tapped him to become president
of the family-owned business in three years. Tripp was looking for
an outside mentor in the succession process; I was more than happy
to work with him.
Tripp Davis and I thus began a professional relationship, which
also became a personal friendship. In this young man I soon detected
an exceptional commitment to growth—for his company and for
himself. He observed and learned at work. He joined the Forum. He
read books and listened to tapes on the subject of succession. He
interviewed CEOs. We dialogued extensively. In short, Tripp did
his homework.
After only a year and a half, it became clear that, at age 36,
he was ready. So on May 18, 2000, his father’s 66th birthday,
Tripp Davis became president of L.D. Davis Industries, a Huntingdon
Valley-based firm that manufactures glues and resins. The company
has 60 employees and annual sales of $15 million.
There’s a saying that it takes two to tango—or is that
tangle? The same is true in family businesses, especially during
the oft-volatile succession period. In the case of the Davises,
Tripp’s father, Louis, deserves tremendous credit for helping
to prepare Tripp, then gracefully stepping aside when the time came.
That grace shines through in Dad’s May 18, 2000, letter of
blessing to Son, excerpts of which are printed on this page.
Peter Drucker hits the nail on the head when he says that successful
transition is the final test of greatness for the one passing the
torch. Here’s a father with a commitment to growth—for
his company, yes, but more importantly for his son … and himself.
Already 12 years ago Louis attended a two-day family business seminar
to start preparing himself and his company for the transition.
In the intervening years Louis modeled, supported and mentored.
In stepping aside he showed uncommon wisdom by saying, "I will
be there to help and support you when asked."
Yes, the Davis family has a strong commitment to growth: a strong
family; a profitable, well-positioned company with a strong management
team; and (now, under Tripp’s leadership) significant growth
in the ownership circle. The first meeting of Davis Industries’
outside board of directors convened in October.
Only one-third of family businesses make it to the second generation,
and only one-sixth make it to the third (as the Davises have done).
Tripp says he’s looking forward to fourth-generation Davis
involvement in the family business. Time will tell, but he’s
clearly on the right track.
For me, it has been an honor and a sacred privilege to walk with
Tripp and many other families like the Davis family. They’re
far from perfect, as they would be quick to say, but they are thriving—both
as businesses and families.
A Father’s Blessing (Excerpted)
Dear Tripp, 5/18/00
Today is a very important day for us both.
I have been looking forward to the day I stepped down as
president and have you assume these duties. You have prepared
for this day for quite some time now and both your mother
and I are elated that you will be taking over both the ownership
and presidency of the family business.
I have no regrets in stepping away from the 40 years I have
been associated with the business …
Now that the responsibilities have been passed on to you,
you must always know that I will be there to help and support
you when asked. I will have minor financial interest, but
in no way will it diminish my interest in the future of the
company nor my wanting you to succeed … not just in
business but in all endeavors.
In closing, Tripp, I wish you great success in all things,
and know that I admire, respect and love you, not only as
father to son, but as an individual who admires you for your
great character and fortitude.
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